PREMIUM LEGAL RESOURCES
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The consideration in money given for the purchase of a thing.
There are three requisites to the quality of a price iii order to make a sale.
It must be serious, and such as may be demanded: if, therefore, a person were to sell me an article, and by the agreement, reduced to writing, he were to release me from the payment, the transaction would no longer be a sale, but a gift.
The second quality of a price is, that the price be certain and determinate; but what may be rendered certain is considered as certain if, therefore, I sell a thing at a price to be fixed by a third person, this is sufficiently certain, provided the third person make a valuation and fix the price.
The third quality of a price is, that it consists in money, to be paid down, or at a future time, for if it be of any thing else, it will no longer be a price, nor the contract a sale, but exchange or barter.
The true price of a thing is that for which things of a like nature and quality are usually sold in the place where situated, if real property; or in the place where exposed to sale, if personal. The first price or cost of a thing does not always afford a sure criterion of its value. It may have been bought very dear or very cheap.
In a declaration in trover it is usual, when the chattel found is a living one, to lay it as of such a price when dead, of such a value.